ITAT Mumbai held that trade advances, being in the nature of commercial transaction, would not fall within the ambit of the provisions of section 2(22)(e) of the Act and therefore the addition made by the AO is deleted. Accordingly, appeal allowed.
Telangana High Court held that natural gas sold by the petitioner falls under entry 23 of 6th Schedule of the Andhra Pradesh General Sales Tax Act, 1957 [APGST Act 1957] and not under entry 118 of 1st Schedule.
Madras High Court held that demand of network charges in respect of energy produced by Rooftop Solar Generators is set aside as all the charges are already included in tariff. Accordingly, demand is set aside and writ petition is allowed.
NCLT Mumbai held that application u/s. 9 of the Insolvency and Bankruptcy Code [IBC] after three years of MSME Council Awards is beyond limitation as per Article 137 of the Limitation Act. Accordingly, application dismissed as barred by limitation.
NCLAT Delhi held that appeal against an order of NCLT initiating insolvency resolution process of personal guarantor lays to NCLAT. Thus, personal guarantor eligible to file an appeal u/s. 61 of IBC against order issued u/s. 100.
Kerala High Court held that proceedings punishable under section 13(1)(d) r.w.s. 13(2) of the Prevention of Corruption Act, 1988 not justified since illegal gratification of Rs. 1.5 crore against Intelligence Officer not proved in absence of sufficient evidence.
CESTAT Kolkata held that Ethyl Benzene is isomer of xylene and hence correctly classifiable under Customs Tariff Heading [CTH] 29024400. Accordingly, order demand differential duty set aside and appeal of the assessee allowed.
Aggrieved against the directions of CIT(A) to the AO for assessment of gross profit on unaccounted sales of unaccounted purchases and enhancement on account of disallowance of cash payment u/s.40A(3) of the Act, the assessee came in appeal before the Tribunal.
NCLT Kolkata held that One Time Settlement proposal given by Corporate Debtor to Financial Creditor is a clear acknowledgment of debt and default. Hence, application filed by Financial Creditor u/s. 7 of IBC for initiating CIRP against S R Timber Products Private Limited admitted.
Madras High Court held that the goods imported, even though exempted from basic customs duty, may still be subject to levy of additional duty under the respective enactments.
